Monday, May 27, 2024

Tax cuts for electric vehicle buyers

Stamp duty on electric cars will be removed as part of a half-billion dollar investment to make electric vehicles accessible and affordable for NSW residents.

NSW Transport Minister, Andrew Constance said tax cuts and incentives would reduce barriers to buying electric vehicles over the next four years.

From this September:

  • stamp duty will no longer apply for eligible EVs under $78,000;
  • $3000 rebates will be available for the first 25,000 purchasers of battery and hydrogen fuel cell electric vehicles under $68,750. 

The average NSW driver will save around $1000 a year in running costs by switching to an EV, and those savings can be up to $7500 a year for businesses, taxis and freight.

Mr Constance said the Government’s EV Strategy will help the state take action on climate change.
 
“Our transport sector currently makes up 20 per cent of the state’s emissions, with almost 50 per cent of those coming from passenger vehicles,” he said.
 
“Electric vehicles are not only cheaper to run and quieter on our roads, but they also reduce both carbon emissions and air pollution which results in dramatically improved health outcomes for our communities.”

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